Oil prices fell at about 2 percent on Thursday, as investors focused on global supply inflation, which grows faster than many expected.
The market focuses on US commodity production, which has hit record high and evidence from Iraq, United Arab Emirates and Indonesia that production will grow 2019 faster than expected. Concerns of any delivery bottleneck dampened a price increase in early trading of Chinese data that shows record imports of crude oil.
Traders said that the oil market was hit by increases in US stocks, increased OPEC production and light sanctions against Iran.
Brent crude fell $ 1.42, or 1.97 percent, to settle at $ 70.65 per barrel, the lowest level since mid August.
The US West Texas Intermediate (WTI) benchmark fell $ 1.00 or 1.6 percent to settle at $ 60.67 a barrel, the lowest level since March 14.
Tulldata showed that China's crude oil imports increased to 9.61 million barrels a day in October, an increase of 32 percent from the year before.
China may still import certain Iranian raw materials, with the exception of US sanctions, which makes it possible to buy 360,000 barrels a day for 180 days. Two sources familiar with Reuters told Reuters on Tuesday.
US crude production hit a new record of 11.6 million bpd, and the United States now occupies Russia as the world's largest crude producer.
The US Energy Information Administration said this week that it expected production to exceed 12 million barrels a day in mid 2019 due to the oil boom.